The N.C. Senate passed a bill today approving the sale of municipal electricity in Eastern North Carolina to Duke Progress Energy, a move expected to lower customer power bills in Rocky Mount and Tarboro.
Once finalized, the deal will spur economic development in the region, said N.C. Sen. Angela Bryant, D-Nash, a primary sponsor of the bill.
To become law, the bill has to pass in the N.C. House and be signed by Gov. Pat McCrory.
The legislation would allow Duke to purchase stakes in power generation facilities owned in part by North Carolina Eastern Municipal Power Agency, which will now be allowed to issue new bonds to facilitate the sale of the generation assets. The law also allows Duke to receive the cost of its asset purchase. Duke is required to spread out cost recovery over 20 to 30 years, which ensures a benefit for all customers, regardless of location, in the long-term, said N.C. Buck Newton, R-Nash. (Source: Read more)